New York City Economic Development Corporation Lenzie Harcum, Bioscience Desk November, 2009
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New York City Economic Development Corporation Lenzie Harcum, Bioscience Desk November, 2009 NYCEDC relationship to City Hall MAYOR Michael R. Bloomberg Deputy Mayor for Economic Development and Rebuilding Robert C. Lieber Economic Development Corporation Seth Pinsky NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NYCEDC Mission • Develop and implement 5-borough economic development strategy • Strengthen the City’s competitive position • Promote diverse private investment • Interface with private sector businesses on behalf of City NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION The New York City bioscience cluster A Science C Talent • Largest concentration of academic medical centers • #1 metro area bioscience employment • #2 City For NIH Funding • 121 Nobel Prize Winners • 26 Research Centers & 58 Hospitals including: • 31 Howard Hughes Investigators • Mount Sinai School of Medicine • 427,300 Metro Healthcare Employees Entrepreneurial Environment • New York University • Largest concentration of college students • 125 bioscience Companies • Memorial Sloan Kettering • Columbia University B D • Pharma HQ • Einstein Medical Center Infrastructure: • Pfizer • The Rockefeller University • Wet-lab space and incubators • BMS • Weill Cornell Medical College • East River Science Park • Hospital for Special Surgery • BioBAT • SUNY Downstate • Audubon • SUNY Downstate Funding • Forest • ImClone • Top Business Schools • 20 AMC Spin-Offs Annually • Local Financial Institutions Industry networks • #1 in Patent Activity • $1.3B in NIH funding annually • New York Academy of Sciences (NYAS) • NYCBIO; Lab to Wall Street • Financial Capital of the World • ITAC • NYC Investment Fund • NYSTAR • Over 100 VC Firms investing in Life Sciences • CAT • R&D Incentive Programs • NYBA A Institutional bioscience funding Total NIH Funding by City In Billions of $ Boston $1.60 $1.30 New York City Philadephia $0.78 Baltimore $0.78 Seattle $0.73 Source: National Institutes of Health, FY 2007 Awards NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION A Institutional bioscience funding Universities and Colleges NIH Funding Ranking by City N e w Y o rk C it y $ 1,0 5 2 ,7 9 0 ,0 5 7 $ 7 4 7 ,6 8 5 ,13 5 B a lt im o re P hila de lphia B o sto n S e a t t le $ 5 9 0 ,6 0 4 ,2 9 7 $ 5 15 ,7 0 7 ,0 15 $ 4 2 7 ,3 0 2 ,0 3 2 Source: National Institutes of Health, FY 2007 Awards NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION B NYC Is The World’s Financial Capital Top 4 region for VC Investment $1.9 B in academic R&D expenditures annually Funding $110M NYCIF Investment Vivaldi Moves to NYC, Raises $23M New York State QETC Incentives Palyon Raises $21M IRX Therapeutics Raises $25M Over 100 VC firms investing in Life Science C Bioscience employment Total Employment in the Biosciences for the Largest Overall Metro Regions New York-N. New JerseyLong Island, NY-NJ-PA 110,596 Los Angeles-Long BeachSanta Ana, CA 66,158 Philadelphia-CamdenWilmington, PA-NJ-DE-MD 53,036 Chicago-Naperville-Joliet, IL-IN-WI Boston-Cambridge-Quincy, MA-NH San Francisco-OaklandFremont, CA 46,000 42,323 35,083 Source: “Growing the Nation’s Bioscience Sector: State Bioscience Initiatives 2006” NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION C Bioscience in NYC NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION D NYCEDC Bioscience Desk plays a critical role Building resources Building networks Developing commercial real estate Incubators Wet-lab research facilities Building financial resources and incentives ERSP Empire Zone NYC Biotech Tax Credit NYCEDC Angel Fund – tech targets Convening stakeholders and training entrepreneurs NYC Biotech CEO Roundtable, NYC Healthcare Roundtable NIH SBIR Proposal Preparation Conference – Cornell (10/29) Linking the Community www.nycbiotech.com Monthly NYC Biotech Newsletter Connecting stakeholders Aggregating and broadcasting information on city-wide resources Attracting and retaining biotech companies D Alexandria Center For Science & Technology at East River Science Park NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION D BioBAT at Brooklyn Army Terminal NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION D Other Incubators Audubon Business and Technology Center SUNY Downstate Advanced Biotechnology Incubator NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION D 160 Varick Street Incubator NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION D Access to Funding • NYC Biotech Tax Credit • Empire Zone - ERSP • NYCEDC - Angel Fund NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION D Access to Training/Networking • SBIR Workshops • Public/Private Dialogs - Networking Events • Academic medical centers and pharmaceutical executives • Bioscience companies and venture capitalists • Tech transfer officers NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NYC Economic Development Corporation Lenzie Harcum Vice President, Biosciences NYCEDC (212) 312-3806 lharcum@nycedc.com New York City Bioscience Initiative www.nycbiotech.com
